Debates on dodgy whiplash claims and hikes in Insurance premiums are
increasing day by day. At the one side, where the government is taking steps to
groom the insurance field to create a more transparent and affordable system.
At another end, solicitors are making their pelf with the unnecessary and
spammy insurance covers. The issue is highlighted by the companies various
times. The parties kept debating on the issue in the lower house of the Irish
Legislature. Fianna Fail TD comes up with a dialogue that most of the
landowners are staying at the mercy of compensation due to the fear of the
risk of a claim. Another Gael personnel of Ireland said that the extortion of
insurance is at a hike in his area. Lots of other people at the debate were
saying about the same things that the people have made these dispensable
claims their business.
If you go to a commercial court anytime, you will see lots of firms indulging in
lots of cases. Whenever a company pot a case on another one, they always do
it to get the best outcomes by it. They want to get compensation for
everything ranging from lost profits, damages, costs, etc. Commercial property
insurance is becoming the area of attraction of each business these days. They
get the compensations for the damages but the lawless covers are also there.
In all these circumstances, the levels of the insurance industry are going down
day by day. Insurance companies are going down in the losses. Even after
these long debates, court case and other legal engagements, the system is not
getting rebooted. Barristers could be blamed for it who are allowing the
people to claim even for their whiplashes. Serious injuries and damages are
somewhere getting neglected in these situations.
The deepest effect of these trends is on the premiums. The premiums are
getting higher and higher. Small companies are finding it hard to pay for their
commercial property insurance Ireland. Insurance companies are incriminated
for this. But, they are not able to do anything for this. The insurance companies
we reproved for these hikes but they come up with the same reason for this.
They admitted that the reason for the insurance hike is the rise in these small
insurance claim cases. They have to pay even if there is no need for it. This is
causing losses in the companies budget. They find it hard to maintain their
systems and departments. So, the last options in front of them remain to
increase the premiums.
This is not the only negative side of this trend, the false claims are increasing
the levels and facilities of the insurance plans. It is now difficult to find good
companies for getting commercial property owner insurance for the works.
Small scale industries are not able to insure their assets with effective plans.
Due to this lots of properties remains without any insurance.
Even after these huge effects of this trend, there is no effective solution for
this. The debates keep going but not solution is looking to come by them. The
insurance holders are the biggest sufferers. Even after paying huge premiums,
if they are not able to get easy covers, there is no need for it.
So, instead of keep discussing things, we should have to find practical solutions
for this. We have to find the ways by which these things can actually lower
down. Its been decades since these issues are appearing in the industry. These
affairs kept rising for many years back. If we look at their intensity, they will
keep growing for the upcoming years too. We just have to put a full stop on
this. Once with this, the levels of commercial property owner insurance
Ireland will increase. We should stop the continuous debates. The only thing to
do for this is to understand how this huge crisis can be stopped.